China to raise retirement age by up to five years

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China has decided to raise the retirement age by up to five years as the country battles an economic slump and growing pressure from an ageing and shrinking population. The retirement age for men will rise from 60 to 63 and for female office workers from 55 to 58 as a result of a decision by the Standing Committee of the National People’s Congress, the country’s top legislative body.

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[myeongwol]

63 and 58 not too bad. A lot countries is 65, 67 etc

[xuimod]

The retirement age in China is now 63 for men and 58 for women. That's still a lot better than the US where the full retirement age is 67. And people also live longer in China. so that makes it even worse for Americans

[PakistanChinaFriendship]

Is it fair to Chinese men? They retire 5 years later than women

[jzeng]

In the past, the retirement age for Chinese men was 60, for female workers 50, and for female employees 55. This rule was established in the 1970s, when the life expectancy of Chinese people was only 67. Now the life expectancy of Chinese people is 78.6 years. The life expectancy of urban residents should be around 80 years, and the life expectancy of urban female residents should be more than 80 years. Delaying the retirement age by five years is also one of the measures to combat population aging.

[Kaluvin]

The effective retirement age is 35. Pension age is 70.

[Clairejart]

I can’t retire until I’m 70 and then I still need to work part time.

[ak]

Retirement age doesn't matter if you cannot comfortably live on the pension alone. So what really matters is how much pension you get, how much can you save up before then, how much have you really enjoyed your life before retirement, do you have any hobbies etc. It seems that some people believe life only begins after retirement. If you can enjoy every day before that to its fullest, who cares when you go into retirement? The problem is, many people never got to "live" before pension and could not afford to "live" afterwards. A true lose-lose situation.

[venanziadorromatagni]

I think there is a typo in the text. It should probably say “For female office workers, the retirement age is raised from *55* to 58, not 53

[Sam]

Many people don't know that Chinese people work the most hours in the world each year and have the fewest holidays.😅

[kleec]

Do people go to streets for protest like they did in France?

[HappyHappyPanda]

Canada
If you start before age 65, payments will decrease by 0.6% each month (or by 7.2% per year), up to a maximum reduction of 36% if you start at age 60
If you start after age 65, payments will increase by 0.7% each month (or by 8.4% per year), up to a maximum increase of 42% if you start at age 70 (or after).

After paying into your pension, they're holding onto your money. When they low key tell you to retire later because if you don't, you get less money back.

[Schizz]

Not a great move when you have one of the highest youth unemployment rates in the world

[nala]

The problem is that the rules have suddenly been changed on people close to retirement. If you don't agree with the changes and want to retire when you originally expected to you lose all the pension that you worked decades for.
That's life in China. Nothing can be trusted and anything can be changed at the drop of a hat.

[NOMORERATRACE]

I retired at 33 years old i am 37 years old now. I check on my social security full retirement age is 70 years old for full social security money withdrawal.

[DavidFoo-khri]

Kevin walmsley of inside china business mentioned this a couple of months ago...this is the second time his mentions has been proven accurate 😂

[williamlimmc]

A bankrupt country soon with a almost bankrupt pension fund. Over 25% of working adults now not contributing to pension fund anymore due to high unemployment and salary cuts

[deep.space.]

55, 58, 63 aren't too bad. What's the life expectancy though?

[fabricegorgeon]

If only France was facing its financial debt terms to China instead of organizing lavishly expensive Olympics with permissive esthetics...things are linked together.

[XuanThaoYenTram]

Raising the retirement age isn’t bad, they should do the same to the pension as well. It may sound off topic but I chanced on this cool translator that does everything and more of what a translator should have, name is Immersive Translate. Thank me later, it's gold.

[venanziadorromatagni]

The change is probably absolutely necessary, but for blue-collar female workers, it might be a case of fixing the stable door after the horse has run away. According to the demographics, the biggest age cohort in Chinese history has already reached the ages of 55-60 in 2025.